Outmin, a start-up set up by Irish tech veterans Ross Hunt and David Kelleher, has emerged from stealth and is already snapping up clients both locally and outside of Ireland.
Founded and quietly launched during the coronavirus pandemic, Outmin claims to be the first accounting firm that provides clients with real-time financial data, giving them a clear picture of the financial health of the company and enhancing decision making within fast scaling companies.
Outmin provides outsourced accounting and bookkeeping services combines artificial intelligence and human expertise in a move it says lead to a higher level of service than traditional accounting and bookkeeping firms, but with relatively low prices.
Challenge
Mr Hunt said a significant challenge for many smaller companies is the lack of access to real-time information, with financial data usually only available retrospectively such as when VAT returns are filed or at the end of the year.
Through being able to automate many burdensome tasks and having humans on hand to help, Outmin says it can keep remove the admin burden while allowing companies to keep abreast of their financial health at any given moment.
The cost of using Outmin starts at €99 per month and goes up or down based on business volume. Among the tasks the service covers is payroll, VAT returns and compliance filings with businesses simply uploading documents to the Outmin platform to be processed.
Mr Hunt, Outmin’s chairman said the reason for elastic pricing was that there isn’t a need for people to be doing some tasks regularly.
Outmin counts reconciliation software provider FundRecs, remote working platform Bowsy and medtech firm Hidramed, among early clients locally. It has now also secured its first international clients in Canada.
Mr Hunt, who chairs Outmin is best known for previously co-founding Cainthus with his brother David. Cainthus, is an Irish agtech start-up that has developed facial recognition for cows. Founded in 2016, the company's backers include Cargill, one of the largest privately-held corporations in the US. Late last year The Irish Times revealed the company was looking to raise more than $50 million from investors as it looks to expand.
Prior to founding Cainthus, Mr Hunt served as finance and operations director for Irish grain importer and exporter Comex McKinnon during which time he grew revenues from €100 million to over €200 million.
Revenue
The company’s other co-founder Mr Kelleher, who serves as commercial director, is the former head of revenue for job search platform Jobbio with over a decade’s experience working with early stage technology companies.
“The level of response we’ve gotten already is already validating our hypothesis that business owners want access to remove the burden of admin and be able to know what is happening in their business at any given time,” said Mr Hunt.
“Without wanting to make it sound like it is a panacea for all ills, what we’re trying to do with Outmin is deliver the ultimate painkiller for SMEs, so they can focus on what they do best, which is developing great products and services,” he added.
